Refresh Secured Visa Review

December 19, 2022

The Refresh Secured Visa is a secured credit card and an excellent option if you're looking for a very affordable way to build up your credit. The Refresh Secured Visa can be more limited than an unsecured credit card, but it makes up for it with a very low annual fee of just $12.95.

The Refresh Secured Visa card is one of the few credit cards in Canada that don't require a credit score. If you're looking to build up your credit with instant reports to the largest credit card bureaus in Canada and don't want to go through lengthy approvals, the Refresh Secured Visa card is for you.

What Is The Refresh Secured Visa Card?

The Refresh Secured Visa is a credit card that helps cardholders to build a credit score. It doesn’t offer cash back or rewards points, and cardholders must set their credit limit through deposit and pay their monthly balance to achieve their credit goals. This card targets people with bad credit history due to missed payments and other related reasons.

On the other hand, the Refresh Secured Visa is issued by Refresh Financial, which Michael Wendland founded in 2013. Wendland established this card after experiencing a low credit score when he and his wife applied for house financing. In 2021, the company was acquired by Borrowell, one of Canada's biggest credit education and financial tech companies. 

Refresh Financial continues its company’s objectives but has more comprehensive coverage due to Borewell. However, the company has stated that they don’t issue the Refresh Secured Visa based on the website card details. 

Refresh Secured Visa Card Features

#1 Build Credit Score Through Purchases

The Refresh Secured Visa card does not offer any cashback or reward points to redeem like what typical credit cards do. Instead of these perks, you build credit scores through your purchases. It works the same, but the reward you can get is to clean your credit records. 

Refresh Secured Visa cardholders are advised to use it for their daily purchases or use it like a regular credit card. However, you must maintain a card balance below 30% of the credit limit. You can make purchases using this card online or in-store.

Once you've built up your credit score, you can apply for non-secured cards that will help you get it even higher, like the Amex Gold or Cobalt cards and, in the future, you may even be able to get the Amex Platinum for Canadians or another of the best cards in Canada.

#2 Set Your Credit Limit

Since the Refresh Secured Visa card is a secured credit card, it is backed with a security deposit to open a card. The cash deposit you provided to get this card will determine your credit limit for daily purchases. Refresh Financial has a minimum deposit requirement of $200 to a maximum of $10,000 for each secured credit card. 

Additionally, secured credit cards aim to help cardholders fix or establish their credit scores. It is typically a recommended solution to recover from bankruptcy, get good credit history, and more. 

#3 No Credit History Requirement

The Refresh Secured Visa accepts card applicants with no credit history requirement. You apply for the secured credit, and you ensure immediate approval. In most cases, individuals that need this card don’t have excellent credit standing. 

Refresh Financial helps new cardholders to build a credit history. They also accept people who went from bankruptcy to establish their credit again. Regardless of your credit situation, this card assists you in restoring or creating your credit history. 

#4 20-Minute Convenient Online Sign-Up 

Applying for the Refresh Secured Visa credit card is simple and convenient. You can access its official website and sign-up online, which takes less than 20 minutes. Here are some of the essential steps you may go through

  • Create an online account and enter the required information, such as name, address, phone number, and financial goals.
  • Verify your email after you provide your details.
  • Pick a credit-building pack given by Refresh Financial, which consists of your choice of secured card and credit-building solutions.
  • The last step requires you to verify your identity and banking details and upload the signed Secured Card credit agreement from Refresh Financial.

It's great to have an option that'll let you get a credit card in under an hour, especially when some issuers of more premium cards can take days to weeks to get back to you with an answer about approval.

#5 Immediate Reports To Credit Bureaus

Balance payments made by the Refresh Secured Visa cardholders are automatically reported to the major Canadian credit bureaus, TransUnion and Equifax. Credit bureaus are companies that gather details about the cardholder’s credit scores and provide them to financial companies. Cardholders of this card can ensure to improve their credit score as these are recorded immediately. 

#6 Pay For Only $12.95 Annual Fee 

The financial condition of an individual is one of the usual problems that result in delayed payments. The Refresh Secured Visa only requires cardholders to pay $12.95 as an annual fee, lower than other cards. Other fees may apply depending on the transactions you make.

If you don't want to pay a fee, you can consider options like the Canadian Tire Triangle Mastercard, which doesn't require a high credit score and brings great perks for Canadian Tire customers.

#7 Track Your Credit Score Easily

You can track your credit score from Refresh Financial or through its mobile apps. Cardholders are entitled to request credit score reports at any time. Meanwhile, the Refresh Financial app allows you to check your credit progress with every purchase through its weekly updates. 

Refresh Secured Visa Pros And Cons


  • Cardholders can build their credit score through purchases
  • Low annual fee (for only $12.95)
  • Fast and easy sign-up process
  • No credit history is required whether you are fixing or building your credit score
  • You can set your credit limit
  • Credit card balance payments are immediately reported to credit bureaus


  • Extra fees for other transactions
  • No cashback or reward points program

Refresh Secured Visa Pricing

The Refresh Secured Visa offers a significant advantage in its annual fee and credit-building objectives. It also requires other fees to fix or establish your credit record. Here are some of the fees you must consider:

Annual Fee$12.95
Monthly Fee$3
Annual Interest Rate17.99%
Credit Limit$10,000
Minimum PaymentEqual or higher of 2% of Monthly Statement amount 
Applicable Provincial Rate of my New Balance

In Summary

The Refresh Secured Visa is a straightforward secured credit card to fix or enhance your credit score. It lacks standard credit card features such as cashback and rewards because it serves its purpose of helping with your credit history. Individuals with bad credit scores may significantly consider getting this card. 

Refresh Secured Visa FAQs

How much does the Refresh Secured Visa card cost?

The Refresh Secured Visa has a minimum deposit of $200 with a maximum of $10,000. The deposit will help determine the individual’s credit limit. Additionally, it has an annual fee of $12.95. 

Is the Refresh Secured Visa card worth it?

Yes, the Refresh Secured Visa is worth it. It can improve an individual’s credit score and comes with a low annual fee. 

Is the Refresh Secured Visa card safe?

Yes, the Refresh Secured Visa is safe. It was acquired and is currently handled by Borrowell, one of the leading financial and technology companies which guarantee secured transactions to this card. 

Is the Refresh Secured Visa card legit?

Yes, the Refresh Secured Visa is legit. Several Canadians used it, but Refresh Financial does not issue this card. 

Do you have to reload the Refresh Secured Visa card?

Yes, you must reload or deposit money for a secured credit card before using it for purchases. 

How long does it take to go from a Refresh Secured Visa card to an unsecured one?

It typically takes 6 to 18 months to transfer from a secured to an unsecured card. However, card issuers have different terms and conditions. Inquire your card issuer for more information. 

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